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Comex Trading Signals and Market News – 02 March 2016

INTERNATIONAL COMMODITY NEWS :

Natural gas futures tumbled by more than 1 per cent during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity as fears mounted that demand for the heating fuel may wane with the winter season in the US the world’s biggest fuel consumer fast drawing to a close.

Gold futures rose in European trade on Tuesday, with prices re-approaching the highest level in a year amid mounting expectations for further stimulus measures from central banks in Asia and Europe.Weak Chinese manufacturing activity data released earlier underlined concerns over the health of the world’s second largest economy and raised hopes of additional stimulus measures in the near-term to support growth.

Oil prices edged higher on Tuesday as falling U.S. and OPEC production tightened an oversupplied market.U.S. government data on Monday showed crude output fell in December for a third straight month.Supply from OPEC has also declined, fallinby 280,000 barrels per day in February to 32.37 million.But weak economic data out of China and the prospect of slowing oil demand growth continued to weigh on prices.

ECONOMY NEWS :

Australia’s deputy prime minister on Tuesday urged the country’s A$1.8 trillion ($1.3 trillion) pension fund industry to boost its investment in agriculture as the sector gears up to meet strong demand from Asia.While foreign interest in Australian agriculture has soared, Deputy Prime Minister and Agriculture Minister Barnaby Joyce said it was baffling that local pension funds had just 0.3 percent of their total investment portfolio in the growing sector.

Japan’s finance ministry may need to undertake “sporadic intervention” in the currency market to limit the yen’s gains, a senior economic adviser to Prime Minister Shinzo Abe said on Tuesday.Koichi Hamada, an emeritus professor of economics at Yale University, said in an opinion piece for the Japan Times that the yen exchange rate was determined by monetary policy in recent years, and had not been manipulated by intervention.

India’s 2016/17 budget unveiled by Finance Minister Arun Jaitley on Monday is “pragmatic” and “balanced,” and its focus on the rural economy and job creation will bring long-term benefits, Reserve Bank of India Deputy Governor S.S. Mundra said.Mundra’s reaction, during an interaction with reporters on Tuesday, marks the first public comment from a senior RBI official on the budget.”It is a pragmatic budget, particularly if you look at the fiscal consolidation road map,” Mundra told reporters on the sidelines of a conference.